First, start by paying more than the minimum payment on your credit card each month. With most credit cards your minimum payment is only 2% or 3% of the outstanding balance, so on a $5,000 credit card balance your $100 minimum payment would only lead to a small reduction in the principal owing; most of your payment is going to interest. By paying more than the minimum, you will pay off your credit card much faster.
Next, all diets require you to eliminate bad foods, so do the same with your credit cards. Cancel all but one of your credit cards, so that you are not tempted to use them again. Then you can devote yourself to repaying them.
Finally, when you make extra payments each month, pay extra to the highest interest rate cards first, because that will generate the greatest savings.
By putting yourself on a budget, your debt diet will help you pay off your credit cards faster, and help you avoid bankruptcy.
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